Minister takes investment drive to New Delhi

Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa is in New Delhi, India, for talks with potential investors with expertise in power generation, road construction and housing for the country.

The minister, joining 40 ministers from 17 countries, leads the Zimbabwean delegation including Deputy Minister of Finance and Economic Development Clemence Chiduwa, Deputy Minister of Health and Child Care Dr John Mangwiro and the acting chief executive of the Zimbabwe Investment and Development Agency Ms Duduzile Shinya who are meeting investors on the sidelines of the 17th CII-Exim Bank Conclave on India-Africa Growth Partnership.

The CII-EXIM Bank Conclave on India-Africa Growth Partnership was launched in 2005 to encourage the development of private investment from India in African countries.

According to Exim Bank and the African Export-Import Bank (Afriexim Bank), trade between the Africa and India increased from $7,2 billion in 2001 to $59,9 billion in 2017, making India the continent’s fourth-largest national trading partner.

In 2017, trade with India accounted for more than 6,4 percent of total African trade that year.

India, currently the world’s sixth biggest economy with a 1,3 billion market, has investors expressing business interests in power generating and water projects in Hwange and also aiming to invest the revival of National Railways of Zimbabwe (NRZ) through land-linked Zimbabwe to Mozambique ports.

In her speech, Minister Mutsvangwa called for more investments in the Mvuma- Chivhu-Manhize sprouting community that will soon be in need of more road, power and water following the Manhize steel plant project.

“Zimbabwe is 30 percent complete in building Africa’s largest carbon steel plant in Mvuma-Chivhu-Manhize snug at the centre of the country.

“I boldly announce that production is slated to start mid-year 2023. Our mild steel will be most globally affordable. The steel plant is perched of 20 billion tons proven iron ore deposits,” she told the delegates.

Minister Mutsvangwa also said the use of inclusive financial services to opening up the digital economy is a key enabler in financial cooperation between the New Delhi- Harare axis.

“Zimbabwe is going through a fast-paced path to digital transformation. As such, we are inviting partners in this regard. I commend the Conclave for expanding the investment growth of Africa and India. Zimbabwe is alive to the significance of partnerships which this platform avails,” she added.

Indian investors with expertise in water, power, roads, new housing and logistics sectors have already made enquiries from the Zimbabwean delegation. Herald

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